A Tax Return Is…
Filing your taxes is handing over your paperwork to the government agency in charge of collecting taxes. In accordance with the tax regulations of any country, you must disclose your income, deductions, credits, and expenses in the proper manner.
Why do we have to fill out tax forms?
Tax returns are filed so that people can learn their tax obligations and potentially get refunds. In most cases, this entails filling out and submitting the appropriate tax forms or making use of the electronic filing options made available by the tax authority.
What are the benefits of timely tax filing?
There are a number of reasons why you should submit your tax returns on time:
How to Stay Out of Financial Hot Water: Interest and penalties will be added to the total tax bill if it isn’t filed on time. Over time, these fines can add up and make the total tax bill much higher.
Tax returns must be filed on time because doing so is required by law in most places. If you don’t submit your taxes on time, you could face fines and even jail time.
To receive a refund, it is essential that you file your taxes in a timely manner. If you put off filing, you’ll have to wait longer to receive any refund you’re due.
Timely filing of tax returns may be a prerequisite for participation in some government benefits, credits, or financial assistance programs. Timely filing ensures that any benefits, such as the 2% and 1% tax incentive for CIT, are applied as soon as possible.
A timely tax return lowers the probability of getting picked for an audit. When applying for a loan, a mortgage, or a visa, having a record of your tax records on file can be helpful.
In sum, timely tax filing assures legal compliance, aids in avoiding penalties, expedites refunds, and enables prudent financial planning.
What are the implications of missing a deadline for filing?
The Federal Inland Revenue Service (FIRS) or the applicable Tax Authority must receive tax returns and supporting papers by the due date in Nigeria. Only FIRS tax returns and payments can be submitted using the TaxPro MAX.
In most cases, it goes like this:
TAX ON INDIVIDUAL INCOME (CIT)
After receiving your login information in your registered email, open a browser and navigate to https://taxpromax.firs.gov.ng. To sign in, please click here. Input your email and password (you can change your password later by clicking “forget password”).
To sign in, please click here.
You may access “Taxes Due” from the dashboard.
In order to complete and submit all of the applicable schedules, the Company Income Tax (CIT) form will be prepared and displayed.
When you’ve finished filling out all the CIT Schedules, you can include a summary of your work in the CIT Return Form.
If the information on the automatically created CIT form is accurate and in conformity with the applicable Tax Act, you can attest to this by clicking the “Declaration” button underneath the form.
Simply hit the “Submit” button.
Before clicking “Proceed to Payment” on the CIT Payment page, make sure you’ve reviewed all of the Description items and their associated Amounts for payment.
On the payment summary page, the taxpayer can choose from the three (3) available payment gateways (REMITA, E-Tranzact, and InterSwitch) to initiate a payment and receive a Payment Reference number (PRN).
There will be two ways to pay: either over the Internet (‘Pay online’) or by printed paper (‘Print pay at Bank’).
You can submit the payment online or at any Bank approved by FIRS.
Verify and print out a receipt after making a payment.
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